H&R Real Estate Investment Trust (TSE: HR-U) and private equity firm KingSett Capital Inc. have teamed together to buy Primaris Retail Real Estate Investment Trust (TSE: PMZ-U) in a transaction valued at $3.1 billion.

The agreement, announced late Feb. 5, comes less than a week after Primaris unveiled plans to purchase a portfolio of shopping centers for $377 million. The deal included a total of nine properties owned by Sherwood Park Mall Ltd., Markalta Developments Ltd. and Sleeping Bay Building Corp.

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